13:23:23 EDT Tue 21 May 2019
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Energy Summary for March 5, 2019

2019-03-05 20:28 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost three cents to $56.56 on the New York Merc, while Brent for May added 19 cents to $65.86 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.69 to WTI, down from a discount of $10.36. Natural gas for April added three cents to $2.88. The TSX energy index added a fraction to close at 156.55.

Alberta gas producer Peyto Exploration & Development Corp. (PEY) edged down four cents to $7.55 on 669,100 shares. This week is a busy one in terms of updates for its investors. Tomorrow, Peyto plans to release its year-end financials. These will be followed by a conference call with management on Thursday. Meanwhile, yesterday evening, president and CEO Darren Gee published his latest monthly report on Peyto's website, discussing the company's operations in February.

Before Mr. Gee got to that part, he defended one of his comments in last month's report, in which he decried "environmental hypocrites in Victoria and Whistler." That comment was made in the wake of the letters published in late 2018 by the mayors of those cities (among others), urging energy companies to pay for costs associated with extreme weather. Such compensation would be no more than the industry's "fair share of the costs of climate change," bloviated Mayor Jack Crompton of Whistler, a city whose economy relies heavily on tourists arriving by the millions in gas-guzzling cars and planes. The mayor had no apparent interest in those sources of emissions. Although demands like his are nothing new, they seemed to touch a particular nerve this time and were widely criticized, even outside the energy industry. Mr. Gee's subsequent panning of environmental hypocrites sparked some backlash from those eager to distance themselves from the blether. Mr. Gee explained in his latest letter that he did not intend to call all people in Victoria and Whistler hypocrites. He merely meant to call the hypocritical people in Victoria and Whistler hypocrites.

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